Majority of analysts in a survey predict price will climb through April 23
Published: 00:00 April 18, 2010
Published: 00:00 April 18, 2010
New York: Crude oil may rise this week, reflecting a decline in US inventories and predictions equities will advance, a Bloomberg News survey showed.
Sixteen of 36 analysts, or 44 per cent, forecast oil will climb through April 23. Fifteen respondents, or 42 per cent, predicted that futures will decrease and five said the contract will be little changed. Last week, 50 per cent of analysts said there would be a decrease in prices. "All factors, fundamental, technical and fund activity, suggest that crude-oil prices should rise (this) week," said Antonio Szabo, chief executive officer of Houston-based consultant Stone Bond Technologies.
‘Strong correlation'
"Their strong correlation with equity markets as of late is another bullish factor as the S&P 500 also looks ready for an upward move," Szabo added.
Volume for crude oil traded on the New York Mercantile Exchange topped 1 million contracts from April 9 through last Wednesday, reaching a record 1.42 million last Tuesday.
The Standard & Poor's 500 Index reached an 18-month high Friday. It lost 0.2 per cent last week to 1,192.13. US stockpiles of crude oil fell for the first time in 11 weeks in the week ending April 9, the Energy Department reported last Wednesday.
Source: http://gulfnews.com/business/oil-gas/crude-may-rise-as-us-supplies-fall-1.613722
Sixteen of 36 analysts, or 44 per cent, forecast oil will climb through April 23. Fifteen respondents, or 42 per cent, predicted that futures will decrease and five said the contract will be little changed. Last week, 50 per cent of analysts said there would be a decrease in prices. "All factors, fundamental, technical and fund activity, suggest that crude-oil prices should rise (this) week," said Antonio Szabo, chief executive officer of Houston-based consultant Stone Bond Technologies.
‘Strong correlation'
"Their strong correlation with equity markets as of late is another bullish factor as the S&P 500 also looks ready for an upward move," Szabo added.
Volume for crude oil traded on the New York Mercantile Exchange topped 1 million contracts from April 9 through last Wednesday, reaching a record 1.42 million last Tuesday.
The Standard & Poor's 500 Index reached an 18-month high Friday. It lost 0.2 per cent last week to 1,192.13. US stockpiles of crude oil fell for the first time in 11 weeks in the week ending April 9, the Energy Department reported last Wednesday.
Source: http://gulfnews.com/business/oil-gas/crude-may-rise-as-us-supplies-fall-1.613722
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